Common use of Alternative Deferred Compensation Clause in Contracts

Alternative Deferred Compensation. 2.01 If Executive shall, for any reason other than death, cease to be employed by the Corporation on a date prior to Executive' s sixtieth birthday, the Corporation shall, in lieu of any payment pursuant to Article I of this Agreement, compensate Executive by payment, at the times and in the manner specified in Section 2.02, of a sum computed at the rate of Twenty Five Thousand Dollars ($25,000) per annum for each full year and proportionate amount for any part year from the date of this Agreement to the date of such termination during which Executive is in the employ of the Corporation. Such payment shall be conditional upon Executive' s compliance with all the terms and conditions of this Agreement.

Alternative Deferred Compensation. 2.01 If Executive shall, for any reason other than death, cease to be employed by the Corporation on a date prior to Executive' s sixtieth 's fifty-seventh birthday, the Corporation shall, in lieu of any payment pursuant to Article I of this Agreement, compensate Executive by payment, at the times and in the manner specified in Section 2.02, of a sum computed at the rate of Twenty Five Thousand Dollars ($25,00020,000) per annum for each full year and proportionate amount for any part year from the date of this Agreement to the date of such termination during which Executive is in the employ of the Corporation. Such payment shall be conditional upon Executive' s 's compliance with all the terms and conditions of this Agreement.

Alternative Deferred Compensation. 2.01 If Executive shall, for any reason other than death, cease to be employed by the Corporation on a date prior to Executive' s sixtieth 's fifty-fifth birthday, the Corporation shall, in lieu of any payment pursuant to Article I of this Agreement, compensate Executive by payment, at the times and in the manner specified in Section 2.02, of a sum computed at the rate of Twenty Five Fifty Thousand Dollars ($25,00050,000) per annum for each full year and proportionate amount for any part year from the date of this Agreement to the date of such termination during which Executive is in the employ of the CorporationCorporation with a maximum payment of Fifty Thousand Dollars ($50,000) per annum. Such payment shall be conditional upon Executive' s 's compliance with all the terms and conditions of this Agreement.

Alternative Deferred Compensation. 2.01 If Executive shall, for any reason other than death, cease to be employed by the Corporation on a date prior to Executive' s sixtieth 's fifty-fifth birthday, the Corporation shall, in lieu of any payment pursuant to Article I of this Agreement, compensate Executive by payment, at the times and in the manner specified in Section 2.02, of a sum computed at the rate of Twenty Five Thousand Dollars ($25,00020,000) per annum for each full year and proportionate amount for any part year from the date of this Agreement to the date of such termination during which Executive is in the employ of the Corporation. Such payment shall be conditional upon Executive' s 's compliance with all the terms and conditions of this Agreement.